Subsidiary Consolidated Power Projects has struggled with a lack of contracts, with Covid-19 dealing an additional blowPicture: FINANCIAL MAIL
CIL opted to place the subsidiary that generated more than 60% of the group’s revenue in its year to end-August 2019, the group’s last available full-year results, into voluntary rescue because of a lack of support from its bondholders. CIL’s footprint spans SA, Sub-Saharan Africa and the Middle East. Conco supplies substations and delivers high voltage electrification services, including wind farms and solar parks across Africa and the Middle East.reported in 2019 that the subsidiary was facing costs related to overheads for projects that it failed to secure. The subsidiary had reported a loss of R878.8m to end-August 2019.
standstill for two months, followed by a slow restart. The group has been seeking concessions from lenders for the subsidiary, but said on Tuesday that talks were unsuccessful. Former construction greats Basil Read and Group Five filed for business rescue in 2018 and 2019, respectively. Group Five and civil engineering group Esor, which also went into business rescue, delisted from the JSE in June.
Clark said Conco had grown quickly with its involvement in renewable energy projects and it had reached a point where it was mismanaged.
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